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money
management
Teaching
children how to budget
- Communicate openly with
your children about how finances work: how checks and credit
cards work, how banks work, etc.
- Give your children a weekly
or monthly allowance, unless they have a job and considers
themselves financially independent.
- Agree on what you will
pay for and what the children will pay for.
- Give your children financial
responsibilities.
- Teach your children how
to make a budget.
- Have your children, as
they get older, open their own bank account and begin the
saving process.
- Help your children set
goals for college, cars, future plans, etc.
- Help your children be accountable
- Part of teaching children how to budget their money is
not to give in completely when they get in a bind. If they
blow all their money the first week of every month, and
you keep bailing them out, then they're not learning anything.
So help them be accountable to their own finances by not
always bailing them out.
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